May WTI crude oil surged sharply in the holiday-shortened week ending April 3, settling at $111.54, up $11.90 or +11.94%. The move was driven by a combination of geopolitical escalation, supply disruption risks, and growing concerns about global oil infrastructure security. Traders were forced to rapidly reprice risk, with volatility spiking across the energy complex as headlines intensified into the close. War Risk and Supply Shock Drive Breakout The dominant catalyst behind this week’s rally was the rapid escalation in tensions between…

China plans to phase out some of its outdated petrochemical plants by 2029 and upgrade others, under new directives issued by the authorities on Friday. The Chinese authorities will review which facilities will be upgraded and which will be closed, using lists of outdated petrochemical plants compiled by local governments in recent months, according to documents by the central government cited by Reuters. China and its refiners and petrochemical producers have been struggling with low margins amid overcapacity and falling demand for road transportation…

The price of Canada’s synthetic crude, which has rich diesel yield for refiners, has surged by nearly 200% since March 27 as the Middle East war cripples global diesel supply and sends diesel futures, cracks, and retail prices soaring. The synthetic crude made from processing of bitumen from Alberta’s oil sands is very low sulfur and its chemical content makes it highly suitable for processing into jet fuel and diesel—the most stressed barrels amid the worst disruption to supply in the history of the oil market. Canada’s…

The price of Canada’s synthetic crude, which has rich diesel yield for refiners, has surged by nearly 200% since March 27 as the Middle East war cripples global diesel supply and sends diesel futures, cracks, and retail prices soaring. The synthetic crude made from processing of bitumen from Alberta’s oil sands is very low sulfur and its chemical content makes it highly suitable for processing into jet fuel and diesel—the most stressed barrels amid the worst disruption to supply in the history of the oil market. Canada’s…

Oil prices could top $150 per barrel if energy flows through the Strait of Hormuz remain disrupted through the middle of May, according to JP Morgan. Prices are headed to $120-$130 per barrel in the very near term, the investment bank said in a note carried by Reuters. At Thursday’s close, oil prices surged, with the U.S. benchmark WTI Crude soaring past Brent Crude and settling at $111.50 per barrel. The international benchmark closed at $109 a barrel on Thursday, the last trading day of this week, as markets are closed on Good Friday. JP…